‘s blockbuster surge has led to massive losses for short sellers of crypto-related stocks, totaling nearly $1.9 billion in mark-to-market losses today, according to data compiled by S3 Partners.
This downturn for short sellers accompanies Bitcoin’s over 7% jump in late-day trading and an almost 12% rise from its recent low three days ago.
The total short interest in crypto-related stocks stands at $10.7 billion, with MicroStrategy Incorporated (NASDAQ🙂 and Coinbase Global Inc (NASDAQ🙂 accounting for 84% of this short interest. Overall, the sector’s short interest as a percentage of float is over three times larger than the U.S. average of 5.13%.
MicroStrategy, the world’s largest corporate holder of Bitcoin, leads the downturn…
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